Sinclair attributes the higher prices to a combination of factors including "the effects of the production cutbacks by OPEC and non-OPEC foreign producers finally kicked in, not to mention speculative money going into crude oil futures."

According to Ward Auto, in 2016, 62 percent of U.S. vehicle sales were trucks, which includes pickups, SUVs and crossovers. Cars were the remaining 38 percent of the total. Back in 2012 it was nearly even. Trucks were 51 percent of sales, and 49 percent were cars.

"Right now, there's a lot of big, heavy, thirsty vehicles out there on the road." Sinclair said. "That's going to play into ... whether or not they'll be able to gas those things up."

A new AAA survey asked consumers if there was a gas price point that would make them "change their driving habits or lifestyle to offset higher gas prices."

"We found $2.75 was the tipping point for about 20 percent of drivers," Sinclair said. "For 40 percent, it was $3 a gallon."

"And we're there, we're at that level in a lot of cities, a lot of metropolitan areas around the country," he said.

On the Money airs on CNBC Saturday at 5:30 am ET, or check listings for air times in local markets.